🍾Digital Cork NFT

RWA Digital Twin / Digital Product Passport (EU)

Digital Corks serve as a deed of ownership for a wine bottle and are minted on a 1:1 basis. They are connected to the wine bottle through a unique identifier - like a QR code, and NFC or RFID sticker, or some other method.

Anatomy of a Digital Cork

The Digital Cork contains all of the details for the specific bottle, including technical information for the wine, winemaker and winery, as well as chain-of-custody and provenance data. The Digital Cork also includes a creative element that the winemaker can use for brand storytelling.

For businesses that sell into the EU market, Digital Product Passports (DPPs) are high on the agenda. The EU has begun to roll out a raft of legislation as part of the Circular Economy Action Plan (CEAP). Within this plan, the Ecodesign for Sustainable Products Regulation (ESPR) dictates that DPPs will be mandatory for all products in specified industries and categories that are sold on the EU market — with certain prioritized industries required to implement DPPs as early as 2030.

DPPs are a tool for collecting and sharing product data throughout a product’s entire lifecycle. A digital twin is commonly associated to the physical product via a data carrier, with the Digital Product Passport being accessible via a smart device application or similar. The data contained within a DPP relates to a product’s lifecycle, components, sustainability and more.

For the luxury wine industry, dVIN Digital Corks act as DPPs to unlock a number of benefits both for stakeholders along the value chain and directly for consumers. From provable sustainability of ingredients and packaging materials; to the ability to trace a bottle (and it’s environmental impact) along the supply chain; to a convenient tool for consumers to authenticate wine, prove and transfer ownership and directly engage with producers.

dVIN’s engineering partner Protokol is a key provider of EU aligned Digital Product Passport solutions for companies of all sizes and stages. Alongside a diverse ecosystem of trusted partners who specialize in everything from regulatory compliance, to product standardization, sustainability, LCAs and more; Protokol and dVIN deliver a holistic Digital Cork/DPP solution for the luxury wine industry that ensures compliance, facilitates circularity, enhances the customer experience and unlocks new opportunities for growth.